Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May Standard Cost per Unit Actual Cost per Unit $ 5.84 $ 5.25 15.30 15.58 Direct materials: Standard: 1.80 feet at $2.89 per foot Actual: 1.75 feet at $3.00 per foot Direct labor: Standard: 0.90 hours at $17.ee per hour Actual: 8.95 hours at $16.48 per hour Variable overhead: Standard: 8.9 hours at $7.40 per hour Actual: 0.95 hours at $7.00 per hour Total cost per unit Excess of actual cost over standard cost per unit 6.65 6.65 $ 27.48 $27.00 $8.48 The production superintendent was pleased when he saw this report and commented: "This $0.48 excess cost is well within the 5 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 14,500 units. Variable overhead cost is assigned to products on the basis of direct labor-hours There were no beginning or ending inventories of materials. Required: 1. Compute the following variances for May . a. Materials price and quantity variances. b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency variances 2 How much of the $0.48 excess unit cost is traceable to each of the variances computed in (1) above. 3. How much of the $0.48 excess unit cost is traceable to apparent inefficient use of labor time? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 1a. Compute the following variances for May, materials price and quantity variances. 1b. Compute the following variances for May, labor rate and efficiency variances. 1c. Compute the following variances for May, variable overhead rate and efficiency variances. (Indicate the effect of each variance by selecting "F for favorable. "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Show less 1a Materials price variance Materials quantity variance 1b. Labor rate variance Labor efficiency variance 10. Variable overhead rate variance Variable overhead efficiency variance How much of the $0.48 excess unit cost is traceable to each of the variances computed in (1) above. (Indicate the effect of each variance by selecting "F" for favorable, 'U' for unfavorable, and "None for no effect (i... zero variance). Input all amounts as positive values. Round your answers to 2 decimal places.) Materials: Price variance Quantity variance Labor: Rate variance Efficiency variance Variable overhead Rate variance Eficiency variance Excess of actual over standard cost per unit How much of the $0.48 excess unit cost is traceable to apparent inefficient use of labor time? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance). Input all amounts as positive values. Do not round intermediate calculations. Round your final answers to 2 decimal places.) Excess of actual over standard cost per unit Less portion attributable to labor inefficiency Labor efficiency variance Variable overhead officiency variance Portion due to other variances Koontz Company manufactures a number of products. The standards resting to one of these products are shown below along with actual cost dela for May. Standard Artiat Cost per cost per Liit unet Direturils Standard: 1.2 feet at $2.12 er foot 2. fret $5. Actual: 1.75 fort at $1.6 per foot Dirert short Standard: 9 hours at $27.00 per hour 15.10 Actual: 0.9 hours at $16.4 per hour 15.58 Varisble overhead: Standard: 0.98 hours at 17.40 per hour 6.66 Actual: 0.95 hours at $7.00 per hour 6.65 Total cost per unit $27.4 LAER Excess of actual cost over standard cost per unit 50.48 The production superintendent was pleased when he saw this report and commented: "This $0.48 excess CCS is well within the 5 percent imt management has set for acceptable variances. It's novious that there's not much to worry about with this product Actual production for the month wes 14.500 units. Variable overhead cost is assigned to products on the basis of direct labor hours. There were no beginning or ending inventories of materials. Required: 1. Compute the following variances for May Materiais price and quantity variantes b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency variances 2 How much of the $0.48 excess unit cost is traceable to each of the variances computed in (1) above 3. How much of the $0.48 excess unit cost is traceable to apparent inefficient use of labor me? Complete this question by entering your answers in the tahs below. Required Required 2 Required a 1. Compulfulling varianter for May, meriale price and quality via 1b. Compute the following variancas for May, labor rate and efficiency variances lc Compute the following variances for May, variable overhead rate and efficiency variances. (Indicate the effect of cach variance by selecting "F" for favorable. 'U' for unfavorable, and "None" for no effect Cie. zero variance). Input all amounts as positivw vw) Show less 1. Materiais prioc variance Els que variante 1. Laborrate variance Laborat ciency variance 10 Variable verhead rate variante Variable overhead affciarey variance How much of the $0.4 COSS unit coct is traceable to cach of the variances computed in (1) above. (Inc cate the effect of cach variance by selecting "F" for favorable "u" for unfavorable and "None for no effect (.c. sero variance). Input all amourts as positive aces. Round your answers to 2 decimal places.) Materials Price vallace Cuentity variance Labor: Rate varance Emocncy variance Variabe overhead: Rate varance Eficiency variance = How much of the $0.43 excess unit cost is traceable to apparent inefficient use of labor time? (Indicate the effect of each variance by selecting "F" for favorable, 'U' for unfaverabs, and "None" for ne affecte, zere variance). Input all amounts as positive values. Do not round intermediate calculations. Round your final answers to 2 decimal places.) Ew of us werd el uni! Less portion attributable to Isbor ineficiency Laboreticency vann Variable overheaddency variance Partidul VREM